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As 28 February 2021 looms near on the horizon, so too does the deadline for the second provisional tax submissions for 2021.
South African expatriates have been kept in suspense regarding a proposed law change aimed at providing relief to those who could not leave the country under lockdown. This amendment was confirmed with the promulgation of the Taxation Laws Amendment Act No. 23 of 2020 (“TLAA”) on 20 January 2021, which means these expatriates can now rest easy.
Taxpayers with multiple sources of income are often surprised during the tax return filing season when the result of their assessment indicates that they owe money to the South African Revenue Service (SARS).
The President has given effect to the 2020 tax proposals by signing three tax Acts into law. On 15 January 2021, the President gave his assent to the Rates and Monetary Amounts and Amendment of Revenue Laws Act No. 22 of 2020 (“Rates Act”), the Taxation Laws Amendment Act No. 23 of 2020 (“TLAA”) and the Tax Administration Laws Amendment Act No. 24 of 2020 (“TALAA”). These Acts were promulgated on 20 January 2021.
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